Accra, April 11, – Ghana’s economy recorded a year-on-year growth of 7.5 per cent in January 2026, easing slightly from the 8.2 per cent registered in the same period in 2025, according to the latest Monthly Indicator of Economic Growth (MIEG) released by the Ghana Statistical Service (GSS).
The data indicated a broad-based expansion across all three major sectors—agriculture, industry, and services—signalling sustained economic momentum despite the marginal slowdown in the pace of growth.
The MIEG index stood at 119.2 in January 2026, compared with 110.8 recorded in January 2025, reflecting continued positive economic activity.
Presenting the data during a virtual briefing, Mr Alhassan Iddrisu, Government Statistician, explained that the two growth rates underscored continued expansion, albeit at a slightly moderated pace.
“This means that while the economy continues to grow, the pace has slowed slightly compared to last year. However, strong performance in the services sector is helping sustain overall expansion,” he said.
Early Signal for GDP Growth
The MIEG is a high-frequency economic statistic designed to provide early monthly signals on the direction of Ghana’s economy ahead of the release of the full quarterly Gross Domestic Product (GDP) figures.
Dr Iddrisu noted that the January data suggested that first-quarter GDP for 2026 was likely to record moderate but steady growth, driven primarily by the services sector.
Sectoral Performance
The services sector emerged as the strongest performer, recording a 9.6 per cent growth rate. This was followed by industry, which grew by 7.2 per cent, and agriculture, which expanded by 4.5 per cent.
The robust performance of the services sector was largely driven by education and information and communication technology (ICT), reflecting Ghana’s ongoing digital transformation and increased demand for educational services at the start of the academic calendar.
Dr Iddrisu attributed the moderation in industry growth to a slowdown in oil and gas activities within the mining and quarrying subsector compared with the strong performance recorded in the same period last year.
Despite this moderation, he noted that the industry index had maintained a consistent upward trajectory, rising from 96.1 in January 2023 to 103.0 in January 2024, 112.9 in January 2025, and 121.0 in January 2026.
The agriculture sector’s 4.5 per cent growth, though lower than the 9.3 per cent recorded in January 2025, was driven mainly by the crops and livestock subsector, which constitutes the largest share of agricultural output in Ghana.
Structural Shift Towards Services
The Government Statistician emphasised that the composition of growth reflected an economy increasingly driven by the services sector.
“This structural shift— with services now accounting for a dominant share of economic expansion—mirrors broader trends observed across sub-Saharan Africa’s more diversified economies, where digital, financial, and social services are increasingly leading output growth,” he stated.
The findings reinforce the importance of sustaining growth in high-impact service industries while addressing sector-specific challenges in agriculture and industry to ensure balanced and resilient economic development.
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